February 28, 2022 (MLN): To strengthen the anti-money laundering and counter the financing of terrorism regime in the country, the Federal Board of Revenue (FBR) has restricted the Public Sector Development Department from issuing NOCs to any Real Estate Department Authority or Housing Society that is not registered as a Designated Non-Financial Business and Profession (DNFBP).
According to the notification issued by the authority on Monday, FBR has imposed the following condition on all the Public Sector Development Departments/Authorities as per which
“No Public Sector Development Department/Authority shall provide any NOC/Approval/Permission to any kind of Real Estate Development Authority or Housing Society (commercial/residential) unless the applicant is registered with the Federal Board of Revenue as a Designated Non-Financial Business and Profession (DNFBP) and has also appointed or nominated AIVIL/CFT Compliance Officer.
The Public Sector Development Department/Authorities shall also ensure that previously approved Real Estate Authorities or Societies falling in their respective jurisdiction and currently in business are registered with FBR as DNFBPs and have appointed or nominated AML/CFT Compliance Officers.
The Public Sector Development Departments/Authorities shall immediately issue instructions to the staff concerned and respective housing authorities or societies for registration with FBR as DNFBPs and appointment or nomination of AML/CFT Compliance Officers without fail.
The real estate development authorities or societies may also be informed to obtain a Registration Certificate from the concerned Director, DNFBPs once registered as a DNFBP with FBR.
This Condition comes into effect on March 15, 2022, the notice said.
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